Supplemental Cash Flow Information

6 Months Ended

Jun. 30, 2026

Supplemental Cash Flow Elements [Abstract]

The following table provides supplemental cash flow information (in thousands):


	Six Months Ended June 30,
	2026		2025
Supplemental cash flow information:
Interest paid, net of capitalized interest	$	161,380	$	128,958
Income taxes paid (refunded), net	4,397		2,053
Capitalized interest	39,869		41,704
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs	$	111,587	$	170,686
Increase in ROU asset in exchange for new lease liability related to operating leases	1,561		6,686


Noncash lease consideration	13,000		—
Net noncash impact from the consolidation of properties previously held in an unconsolidated joint venture	312,826		—

Retained equity method investment from BX JV I and II transactions, net (see Note 7)	43,378		—
Accrued offering costs	839		—

The following table summarizes cash, cash equivalents, and restricted cash (in thousands):


	Six Months Ended June 30,
	2026		2025

Beginning of period:
Cash and cash equivalents	$	467,457	$	119,818
Restricted cash	70,245		64,487
Cash, cash equivalents, and restricted cash	$	537,702	$	184,305
End of period:
Cash and cash equivalents	$	1,626,827	$	89,436
Restricted cash	91,858		73,843
Cash, cash equivalents, and restricted cash	$	1,718,685	$	163,279

Cash and Cash Equivalents

The Company maintains its cash and cash equivalents at financial institutions insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per institution. As of June 30, 2026 and December 31, 2025, the account balances at certain institutions exceeded the FDIC insurance coverage.